Breaking News

200 apply for N300bn real sector fund – CBN

…issues directive on biometric verification

By Babajide Komolafe

The Central Bank of Nigeria CBN, yesterday, said that it had received over 200 applications for N300 billion Real Sector Support Facility, RSSF.

Introduced in March this year, the RSSF fund was established to support large enterprises for start-ups as well as expansion financing needs of N500 million, up to a maximum of N10 billion. The real sector activities targeted by the facility are manufacturing, agricultural value chain and selected service sub-sectors.

In a statement yesterday, Director Corporate Communications, CBN, Alhaji Ibrahim Muazu, said that the apex bank is appraising over 200 applications received in respect of the Facility. He said that the CBN is yet to commence disbursement of the Facility adding that the appraisal of the applications by SMEs for the N300 billion RSS facility was still in progress in strict compliance with the eligibility criteria of the facility.

He assured that as soon as the appraisals are concluded recommendations would be made to management of the Bank for approval and subsequent disbursement. He urged applicants for the RSSF to exercise a little patience to enable the Bank conclude the appraisals and to disregard speculations.

In another development, the CBN yesterday issued fresh directives on the ongoing enrollment of bank customers for the Biometric Verification Number, BVN. The directives was contained in a circular signed by the Director, Banking and Payment Department, Mr. Dipo Fatokun, and titled, “Re: Process for Linking the BVN with Customer’s Account on the Core Banking Application by Banks.”

The Circular stated, Further to our letter dated February 26th February 2015, on the above subject, the Central Bank of Nigeria (CBN) has noted the need to improve the processes for linking the BVN with customers’ account, such that the customer does not necessarily have to physically visit the banks for the linkage.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.